State-run Bank of Baroda will raise up to Rs. 32.8 billion through a preferential allotment of shares to the government at Rs. 902.14 each, it said in a statement over the weekend.

The bank will hold an extra-ordinary general meeting for shareholders' approval on March 29, it added. Other public lenders such as Indian Overseas Bank, UCO Bank and United Bank of India have also said they would preferentially allot shares to the government in return for capital infusion. In December, India's cabinet approved additional capital infusion of 60 billion rupees ($1.3 billion) into state-run banks to strengthen their capital adequacy and to increase the government's stake in them.

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